The Sun. — London, England, 1810-09-21 00:00:00

4 'clir OP THE BULLION COMMITTEE. . , flirt of a ye the the Bank Dire&tors.and: Proprietors 0 ,1 th rdae t. IA i holden at the Bank. tc orn e tluestiOn being put from the . Chair, that t ofit s patty should divide five per cent. on their )6t t_ ' ° r the half year, ending on the loth of „ t hner, . qtr. R • [ ter a fe li : r3 th 3scßsorr addressed the Chair, and, etai on , Preihninary observatioes called the at- Kt rit ,, ° L the Court to the Report of the Bullion l'al circulation That Report, which- bad had such ge tis:arra,culation, c / (miained certain fatlacious posi hehad the greatest respea fur the House on e 111° h% but that. Report was but the Report , the of ,the Committees of the House. It was d rrs ( , ) , I nion. of certa;n. Gentlemen, of whom the oti ve r o ugh he wished to say nothing of party eatu r % vcere in the constant habit of opposing the eVrte-% his Majesty's 'present Ministers. The oy wil 3 , 0 e contended, went 'against that evidence A con le ,n the Com tnittee ought to have been guided. tlo l , i , l'-l-rable part of it was intended •to argue n th e . . ll tem evidence, which had been given before t o r e a i Y oder such circumstances duty forbid hi m lap on ant silent on the subjett, It was incumbent li;le . ever Y tatie to meet such fallacies, in broad day tilt i f e j nd happy was he who succeeded i n expo sin g Oct b l e u ''''h• lit coming forward'as he did, he had 'lie Jett in view but the tioneur of the Wink, and o f 13° 9 (1 of the PubliC, which he thought identified , vh e o iAitt, the other. It was impossible for any one fer e , 13(1 read the Report not . to perceive that an in t.,' Ce Was draw n ' prejudicial to the credit of th e ')k . ~ atvie . , F ( "r his own part, had he read the R e po rt, tei4"'„Lo i f -minion' c n-the subject but what he aw,' ' v'etce hav e d rived, he must have carried f c ,,r l ideas very injurious to the company. It set pa r a ., t hat Bank paper -was what is callel ". below kir, and rep . es need the present high price of ot ~1 ), 9 1 I ' ) he the consequence. The ruirket price tli t (3 ''' was anove . that of the Mint, and thence W d ‘ aSs mned that the paper of the Bank of England o :: below . par." The great demand for Bull io n it b i r r ,;,," nlade it worth while for those who we r e not 10d1 .of iucerriog the penalty att iehed to such con to met: doWn the current coin of the realm at of me ' That was the cause of the evil complained The Committee had said in their Report, that , ii in Bank paper will not make tOO guineas, itud , ,- c ' inter that Bank paper must be " below par. b t „ ln hNl 'respectable witness, Mr. Merle, who had ev,i i "darned by the Committee, had sta ted in . dense, that 'he knew no cifference between Bank s alter o l'er and guineas, and 'declared that he would as in ° , l , ll , h av the one as the other.' The Committe e 4 , re d how that could be when be c ould sell gui le,-., lot more money ? To this he replied ,, t ha t if c c hose to be a bad subje& he could, but regulating s et lidtai as, he did by the law of the land, be knew of no earthly difference between Bank notes and bin ea t‘ , (.) a sto an equal amount. One hundred pounds , 1d u id Purchase earn or Bullion-as well as guineas, gh aa therefore, unless for a bad purpose, the latter ad no advantage over the former.. He (Mr. Jack , the-illew how much certain writers had exute.i at ti e Ltellort of the Bullion Committee,. One in pat fr. filar had declared, that lie derived more pleasure C o r n it than 'he could have experienced had the exultation of Hampsbitebeen presented to him. 'flits lit ' was perfettly natural to a man On finding e ll favourite proposition su_pported, as was his by t i, l3 ; t Report ; but had the Report been such as the al given given would have warranted, Ore writer he ` ti ded,te, Le (M , ....f.). was of opinion, would- have Pre ferred 1,) , , , iic , Made Lori of .Hampshire to all the 11 .4t ificatien ' Liu in gut nave de laved twin that source. tr e woulkl no..v proceed to see if the nominal ,in -teaie en tie prices of things arise from the increase , f3. „ .131 : k of England paper—froth what had been C ue d ,a i , great excess ut issue." He wished to . ki' t:. what was meant by a great excess of issue. , l e wo id s' prose for a moment, that the issues of : - j,'',„aihd 21. Batik notes had not been made as they I ; i ''• Could a doubt be entertained as to the injury . . t i° mercantile interest must have ot.cessarily sus '. , e a ' ll ed . ? But he wished' to see what the issues had e t to ; aed tel confident, that instead of a great ex „-esa 01 issue, their issues had been very parsituoni • ' i tis lY / made.. In 1797, their issues amounted to ` 1,0 00,000l They woe then raised to 1-1,000,0001. ` 111(1 3 , ippositi4 them at the ple , ent day to amount 1 • * () 20 ,000,00 W. was the difference so great as to l i at tlY cie 11,6er:ions that had been sent abroad ? ' O W happened it, he would ask, that the increase ' 01 ()ill - commerce had not been taken into the c.ll-, c ulation.? Why was it not stated, that within the period in which the' issues of the , Bank ha.), k --.. : ific:e,ed d or 7,000,0001—0ur Exports had i netea s ee by 15,00J,0001.? And why was it nut - Illa tie k , .own, teat while the Bank of England added 6.,0 00;000i. to their issues, those of the Country 4an'ss uid litst amount to ,less than 50,000,0001.--; t he' Comtitittee admitted that the Directors had not t aken 'the advantage' of the circumstances of the 'limes Which they might have done ;' their issues . had been parsimonious, and.not excessive, and made with a view to benefit the mercantile interest of - tl.e country. Could then' that which had been as 4erted he established, and the high prices of the ar ticles of life' be proved to arise nom the issues of the Bank ? This statement was inconsistent with other Darts of . ilie Report. It was admitted that the issues ° I the Bank were confined to the metropolis and its \ ' ie j"itY ; those of the Country Ban ks were much l arger, and extended allover the kingdom : the evil ri ligly, therefore, with greater proptiety, be suppos ed 'to arise front them. He did not wish to speak 10 the disparagement of Country - Banks, he was of opinion with that able witness now -no more (Sir F'• Baring), that a moderate paper `circulation was Wholesome, and beneficial to the State ; but when the issues of the 'Bank of England were thus spoken of, it was but right that those of the - Coutery Banks should be taken into consideration. The statements he had made proved' that the high' . Price of things could not be the consequence of the I ssues of the Bank ; or if at all, but in a very small (I %ree. When such complaints were made as had been made, of the issues of the Bank, a person must feel at.a loss to guess whether those issues were :Lade on property in their possession, or, like those of certain Banks, on their credit. One circumstance sulf=ated to be forgot cutnely, vit. that out cf tt:e 20,000,0001. to which amount issues had been made by the Bank Company, the Public were in debted to the Bank, 18,000,0001. That was pre cisely the situation in which they-stood with ebe Country.;" so that 'if ever a ,period should arrive at which it would suit the public to do without Ahern, they had it in theirpower (at least the,y ought to have . it in their power) to have done with them at once; by paying them the J 0,000,6001. which they awed. • This would leave but 2,000,0001, out of the sum issued to be made good, and that - the Company could make up among .themseiveS in a few houra., He. thought the ComMittee ought to have noticed the circumstance of the ,Public being se greatly in debted to the Bank. He thought, too, they ought net to have forgot, that in consideration of exist ing circumstances, the •Country received annually, 210,0001. from the, Company, on account of the extra balance supposed to be in their hands. He regretted that the dothine of 'that great StatesmAn Mr. • Pitt, a doctrine in which he bad lived and and in which he died , -anever to disparage the pub lic security—had not been more approved of by the Committee.• He (Mr. Pitt) contended, " that the Public had better lose considerable sums than. have their reputation injured." He now came to speak on; that part of the Report which set forth that it would be .proper for the Bank to make all its pay ments in money at the end of two years. There 'was a saying which was very common with many, people, " sufficient for-the . day-ere the evils there, of;", but for his - part lie thought, mischief Could not be met, too soon e and that it should peso in the present instance was more important to the Public than to the Company. The high manner to which , the Bank Direaors were spoken of in . this part of the Report he could not but approve of,. and here be agreed with the Committee, and cor dially joined them in the praises which they had thought proper to bestow. NO capacity, however humble, could misconceive the purport of that part of the Report respeeling the payments, to be made at the end of two years. It was impossible:not to see that its effea _would be, that at whatever price bullion might be at that period, it must at the time specified be bought . up by ,the Bank Company to make their payments. How long' the gold thus issued would be likely to . remain in the Country, after it lad left that eouse, the 'Gentlemen of the CoMmittee had seemed in too much haste to con sider. There conk( be no • doubt bui then, as now, it would itnti ediately vanish. 'Here be could wish to inquire who it was had so exhausted their funds as to make them feel any:difficulty in making their payments•in money. He would look back le 1797, when large subsidies Were sent to many of the powers on the Continent, as were great armies, who must have perished on the sands of Flanders if the Bank had not sent . their gold and bullion from England. Between the years 179 b and 1797, the DireCtors had met, and remonstrated with his Majesty's Government on the subject no fewer than twenty-nine times, 'Complaining of tee madier in which they Were drained. They, however, thought it was better to risk the erofi , s of the Bank than to leave our brave army to starve on a foreign shore. After this, ought the public now to say, we have drained'Vou of your bullion to preserve our soldiery from famine,' but you make your pay ments ett a given. time, and buy bullion at any price, however ruinous , tee consequences may be, to yourselves. The moment the Bank knew they must make thtir payments in bullion at a certain period, they would of course forbear to issue their notes, ;led call in ,every one they could, and this would - haie the effect, nottherely of being prejudi cial to the mercantile interest, but of destroying the of our commercial fabric. One might almost imagine that the. Report had been made by persons not iieC,USIOIDA to contemplate any commer cial arrangements, it the contrary were not known to be the fao. Ir under an increased commerce • they were to lessen their issue, the inconveni -epees thence arising were so obvious, that it could hot but be a waiter of , wonder how any politi tician coud wish tor such .a decree., Under the State pressures of 1793 and 97, the Bank Company had been censured as ailing on a bad system. It We§ said they ought to have had courage to enlarge and extend- their iseles, and -not diminish them. — Now they were fun down by these per Sons because they , had sidopted the plan then recommended.— Thougii they encountered the perils attending their speculation, it seemed they ,were not, like other merchants, to be allowed to enjoy the profits of it. The Company wished to make their payments in bullion as soon as circumstances would permit, but -that should not be forced on them all at once, which could , only be effected gradually with safety. He knew the - bentiments of dui Hon. Bart. Sir Francis Baring, on the suojett. He had said, "In _God's name, leave tile time of making their payments in bullion to Cie Company. theerselves, they have prof ed themselves disposed to do so as early as pos sible, and they will choose a proper time." If they were tied down to make all their payments in bul lion at-a given period,. knowing that gold must be bought at a certain time, every man would specua late in gold, and keep back as much as possible, in order to wake them pay through - the nose for But then it was said,. what would Foreign Powers think of their situation, if they did not consent to re-commence making their payments in bullion at the tune named fie would ask, what they would. say, if on the 'arrival of that period it should be found necesary to renew the time allowed . ? This he felt would be the case, and this lie thought worse thau dechniug to make.their payments in specie at the end of two years. The price of exchange, he would contend, must depend on the balance of commerce, and not on ' the, price of bullion. In 1797, when the price of Wilton was much lower than at present, the Hanatnirgb price of .exchange was 38 and a fradiou, and in fan 19, and now in 1810, though the price of bullion , was so high, it remained the same. There were , moments when it was incumbent on men to stand forth in their own defence: He felt it to be his duty so to do in the present instance, and whatever motives nught be imputed to him, certain he was no man ever came forward with more " singleness" of heart than he did. He concluded, recommending it to the Direc tors to pursue with undeviable firutness that line of UtitiliCi& which their judgments and their con- se ences told them to be correa—to identify them selves with the Public, and not to be over-aw,d by any clamour that might be direded against them.— The Public would feel the benefit they derived from such a systeM, and if ever the period arrived at which the hand of power attempted to oppress them, the voice of the People would then speak in 'theii favour, and protect them against tyranny. — Feeling this, he trusted that their conduct .would be such as it had ever been, and such as would speak them worthy of ,the iigh Clhirge confided to. their care,. The GOVERNOR of the BANK shortly addressed :be Court, but in .so low a tone that we could col ed but few of his words. He thought the Commit ee in making their Report should have been guided more by the evidence. The increase . of the issues of the Bank, when the increase of commerce was considered, was so moderate, that their not being greater was a matter of astonishment. Tile issues , that had been made consisted principally of one mid two pound not4.:s. for ,mercantile- accommodation.— They felt anxious to make their payments in bul lion, and when a favourable "period arrived for re .. commencing them,, when the situation of things became less fiuduating, they would, embrace the ear liest opportunity of doing so. Mr. PAYNE (of Bath and Wells) said, he !lad not read the Report, but he thought it their duty to as certain the cause. of thatdeprectation which had been spoken of. He was himself a Couniry Banker, but he had always Opposed the circulation of small notes in the country, unless they were of the Bunk of Eng land'. This he did,. because he had seen penUns go into the banking business,' arid circulate such notes as he thought ought never to be put in circulation, those of persons - whose circumstances were such that he had declined doing business fur them. It was this he thought that advanced the prices of com modities, as the manufacturers of. Birmingham and other places made it a.rule to consider to what de scription of persons they sold their goods, for which they eliarged in plopOrtion to the risk' they ran of losing their money. Whether the debt was on the b'ook, or the articles were pai4 for in these notes, they accustomed themselves to make an extra charge to indemnify themselves for their probable losses.-- In London he was told great allowances, were made on a similar system for ready money. The farmers in the country sold their corn to the corn-dealers, who disposed Of it to the bakers. It was obliged to be paid for through the small circulating medium, which rendered it necessary to raise the nominal prices of the commodity. This he thought a strong argument, and regretted ,that it had not been made use of by those who could urge it more forcibly than hia'abilities enabled him to do. He would ,say nothing to the disparagement of the Country Bankers. As one hitmelf, he was anxious for the honour of the whole body.. The evil he complain. ed of could only be remedied by some means bring devised for the effectual circulation of small notes of the Bank of England. While we have armies abroad, we must send dirt out Of the kingdom which their ekigenCies may require. An issue of gold, he • thought, would be very dangerous, as there were persons now so ready to speculate in it, that were ever so large an issue to take place, it would imme diately disappear, as it did ip 1807... He even thought a new issue of silver would be very incon venient, if it were made according to the old sign= dard of the Mint; as it would be sent out of the country as fast as it left the Bank, and would never get into general circulation. • - The question was then put from 'the and carried unanimously. UNION HALL.—John Morilock was charged by several respectable inhabitants of Rotherhithe, with cutting the banks of Mr. Surrey's mill-ponds at that place, and thereby endangering the safety of the neighbourhood. It appeared that the prisoner lived in a-house, the' garden belonging to which borders on the mill-pond, and that he had several times been guilty of the im prudence complained of; the neighbours had re monstrated with him,' but w shout effect, arid froth his conduet on this and other occa'sions, tWere was reason to suspea. he was insane. Goff, the officer *who apprehended him, stated, that When be went to' take him into custody, : he found him employed boiling something in a kettle suspended over a fire which he had kindled in, the middle of the room, and theflames from .which. as cended nearly to the tiering : there was no furniture whatever in the house. The prisoner on being call ed on to give an account of himself, denied having injured the banks of the pond, or risked the safety of the neighbourhood ; on the contrary, his efforts 'had preserved it from• destruaion. was, he said, proprietor of most of the'land in the neighbourho , al, :and the only living representative of the famed Ad- miral Sir Cloudesly Shovel, to whose estates he was legal heir ' • all Bunhili-row, which was claimed by Samuel NVhitbread, Esq. also belonged; o right to him. With respeet to the fire, of which the officer had spoken, it was made *by him in self, defence ; - the house and neighbourhood were greatly pestered 'with fleas and other unseemly insets, and he was making a fumigation to destroy them. The Magistrates being cirivinced he was insane, ordered him to be taken to the workhouse, and pro per attention to be paid to him; till his friends were informed of his situation. GUILDIIALL.—YesterIiy Mary Marshall, one of the frail sisterhood, charged John Slade with knock ing her down, and robbing her Of a *shawl. The robbery was not proved agaiii4t 'the prisoner, but being .a suspicious character, without any' regular means of getting his livelihood, be was sent on board the tender. Yesterday, at the. Mansion I-louse, Mr. Pitman, 2 fish tnonger in Leadenhall-market, was charged with assaulting several watchmen at the end of Lime street, one of whom was badly wounded in the side, and confined to his bed in, a dangerous situation. The detendaia, who is- a man , of great strength, I.leaded intoxication. This, however, was no defence to rebut the charge, and he was ordered to find bail for the assault. ARI 6 was.finally dismis s ed from his situation of Goveinor•ot Cold-bath Fields Prion, at a meeting of dic MPzittrases of Middlesex, held last night. k Co OLD 8.-11I,EY. SECOND DAY.-THURSDAY, SEPT. 20. Thomas Hummelt stood india• d for an unnatlr:r ,ffence . , coo th uti r d on Thomas Pe:nit-W. Tnv, O 4 part'Ot the charge was tiot, howev r, only proved," the monster was therefore stn! tO be Middlesex Se'ssions, to take his trial fur the assault. LAIteENY. Bridget Prendergast, alia4 Smith, was indicted tot, stealing various articles-of wearing apparel, va,ue 71. t is. iu the dwelling - hous e ,of, Charles Courts on the 8h of AUgust last. in the parish of Step . It appeared that the prisoner hail lived servant with the prosecutor, who keeps apublit-house, and atter been discharged, 'she avitiled herself of her knowledge of , the premis.:s, and on the even ing mentioned in the indittment, took the property -in question, from a room on the first flour. She was detected on the ensuing day, dressed in pat t of the stolen apparel. She then confessed her crime, and gwe directions where the retnaincer of the pro perty was .0 be found. The Jury returned a verdiA• of Guilty of .stealing to the value of thirty-nine „sftillings. Ann Franklin, one of rhe C ) prian corps, was in diotea kr assaulting Escirnhe, in Holborn, and taking from his person his watch, the 27th of July), at eleven o'ciock at uight. The charge ,wa, not ,brought home to her, and she was ac quitted. JIIGHWAY ROTIIIERV. i illiam Lawrence and Charles Lawrefice were next tried on an indict/nem ci,,aigin , them wun assaulting 'Thomas liu6edr,;e, ,artd taking from nir person a silver `Aatch, two got(' .4a!s, and a gold riurg, Oti the 13th of July last. The prisoners were act tared from the absence of satisfaaory proofs. BURGLARY IN THE DAY TIMP.. Richard Ogle, ; 11illiarn liamil(ou, 411,1 Michael Moyle, ,N . tre indicted for burglariously brenking into the house of Anne Adlingiou, on the 14;h- of August, at Tottenham, and s:caliug eight three pair of stockings, and (Alto- articles. As there was no pruof of the house of. the pro• se - tutrix having beta broken open, or of cle of the property stolen having exCercled• the Jury returned a vernia ag:ii,;sr all ill,. pri soners, of guilty of steatiakin the dwelling to the. va lue of fluty-nine shillings. .The ham; prioners were then tried on another indicttnetA against them, for stealing three hand kerchiefs iu the house of` Mr. Wright, hnen-draper, at Stoke Newington, of which °lichee they were .4140 convided. , They, are all well known ➢ickpockeis, and neitlier of them 17 years of age. John IP heeler was then tried on an indiament, charging him with stealing a hors.; and cart, a quit ter of beef, and four lambs, in t►►e month of August last, the property of John Powell. appeared that the prosecutor was. a but Cher, and had sent his wile, Anne Powell, to a Mr. Boot, a carcase-butcher, residing in tyVhitechapel, to, pur chase the meat in question. 1n order to convey it • bottle to her husbands house in natchtl Highw she borrowed a horse and cart from a man named Gregory, which she drove fo Whitectiapel, and having " made her market," ,he was drit ing twine, when the prisoner followed her, and told her' that Mr. Boot wanted to. speak with iier. She, however, said she would see hiin oh the next day, and was gong forward,' when the prisoner iniisted on her going back, as she had made a mistake in her pay ment : he also said that he Wai Mr. 13oot, servant,, and would take care of her horse and cart in her absence. Under these repre.ient:tions, she w,s in duced to return to Mr. Boot's house, who d nied having sent after her, or having any thing to Coal municate to bet, Alarmed at this circumstance, she went back to the spot where she had lets the prisoner in care of the cart, but he had taken the liberty, during her ah,ence, of driving off.. ,Forte• nattily for - the ends of justii..e, d boy, named Got... dun, was standing near the place; w hen the pri soner accosted Mre. Puwelt, and having heard their conversation, on seeing him going off, he suspected his intentions, and pursued 'hon. On coming up with the'cart, which he did in Brick-faile, he asked 'the prisoner where he was going ? The prisoner immediate y jumped out, conscious of his guilt, and .ran off. 'Gordon then cried" Stop thief!" and he. •was purtued and taken into custody. lie said to the Officer who conveyed him to the that he could give a satisiadory account of his proceed ings,, but, unfortuna t ely for himself, lie failed in this important. task. The prisoner had nothing to urge in his defence,_ and the Jury returned a verdict of Guilty—Deatls: At the moment the the Jury had prottou.:ce , t the verdict, the prisoner seized hold of a large peter, ink-Stand, standing on Mr. piewitian's desk, at the side-of the dock, arid was in the at of levelling it at the.head of the witiaess (Gordon) when he was fortunately stopped in fits diJbolica th lintention n y . e jitior, who stood behind him, and who caught his arm in tithe to stop the accomplishment of his deadly . purpose. His lett arm being suspended in a sting, twin some accidental fracture, in a giell measure tended toward, the prevetiti.,n Of his as it curbed that activity which he might OtlierWlSe have evinced.- He was ordered by the Sheriff to be put into so litary confinement. Allay Buil was indicted for stealing a watch, the property of David Evans, in tits dwelling-house,' at lietlmat green, on the lOrbof August; Thhc proofs of her gui!t were not, however, satis factory, and she Was acquitted. Anne lzon was then put to the bar, charged with Ate.ibng a purse, containing t,A.O one-pound /LA of England notes, tour dollars, two half-crowns, and ether , iiver,.together, with'various articles of wear ng appa - rel,• the properly of Margaret Bryant, in her dwellin g -house. As the i&ntity of notes and silver could not be' sworn Ca by the proecutrix, the Jury, by the di rection of the Judge, returned a veldici 'ot—Guilty Vsteglingr, but not to the value of fort . y which ninovud th :anitol of the charge. She was reComnapeied to mercy. it ~,''3 1 ll